Search Documents

By Henry Fernald

THE accounting system or bookkeeping methods of any company are principally the concern of that company and of those who are in control of its affairs. Its published financial report is, however, primarily intended for those who are not already fully informed regarding its operations and finances. Whatever may be the advantages of standardization of accounting and bookkeeping methods, it must be admitted that a company has a certain right to handle its accounts and keep its books and records in whatever manner may seem to it best adapted to its affairs, even though such methods may differ materially from those generally adopted by others. In its financial reports it should not, however, either ask or expect that the statements it makes or the terms which it uses will be given in its case a meaning and interpretation different from that which they are ordinarily considered to have in similar reports and statements of other companies. The particular form and arrangement of such reports is a matter concerning which there may be much difference of opinion. It is of little importance whether current assets come first or last in the Balance Sheet, but it is important that there should not be included under this designation any items which are not properly current assets within the generally accepted meaning of that term. The extent to which stockholders or others interested are to be made acquainted with the full details of a company's business is a question which the proper authorities must in each case decide. It should, however, be recognized that there are certain facts regarding a mining com-pany which must be set forth in a financial statement if it is fully to cover the conditions and affairs of the company. For example, a financial, statement which does not include or is not accompanied by a statement, of the ore reserves of the company does not fully set forth its financial condition. This is true whether the absence of such a statement of ore reserves is because it is not desired to make public the figures or whether it is because the ore reserves themselves are not definitely known, or accurately measured.

Jan 1, 1928

Some basic terms used in cost management and accounting include: - Cost. A sacrifice made to acquire goods or services, measured by the price paid. Technically, the sacrifice is called a cost until the benefits from the goods or services have expired, at which time the sacrifice is called an expense. In this text, the terms "cost" and "expense" are used interchangeably. - Revenue. An increase in the value of the firm resulting from the sales of goods and services. - Income. The excess of revenues over costs for a specified period. The term is often used with modifiers to indicate specific quantities on an income statement (e.g., pretax income; net income). - Activity. A measure of production work. Traditionally, physical production volume (tons of ore or units of product) has been used as the measure of activity. Other measures include direct labor hours, equipment operating hours, and quantity of materials or supplies consumed. - Responsibility center. A segment of an organization that is responsible for a specified set of activities. In mining, individual operating divisions can be treated as responsibility centers, known as profit or cost centers. Departments within a division are generally treated as cost centers. - Cost center. A portion of an organization having responsibility for achieving specified levels of cost. - Profit center. A portion of an organization having responsibility for achieving specified levels of profit (revenues and costs).

Jan 1, 1999

By William J. Potter

The current financial environment differs markedly from past commodity price expansions, which have benefited the mining industry. Deregulation, financial innovation, and the globalization of capital markets in the 1980s have altered financing and investing patterns. Investment bankers and smart money within the industry have recognized the alterations and trends that facilitate fee revenue and profitable growth. This paper profiles transactions exemplifying change and documents financing techniques or instruments that have developed during the past half decade, emphasizing equity in the global marketplace.

Jan 1, 1990

The Nagambie heap leach gold mine commenced production of gold in September, 1989. The mine,120km north of Melbourne in Victoria, Australia, was developed by Perseverance Mining Cor- poration Ltd, a junior Australian mining company, with no other operating mines. Gold production to December 31, 1990 was 47,621 oz. The mine is now producing at the rate of about 45,000 oz per year. As of February 28, 1991, resources at the mine are 5.1 million tonnes measured, at 0.65g/t Au while reserves were 1.65 million tonnes at 0.86g/t Au of proven, heap leach ore, plus 0.37 million tonnes at 0.40g/t Au, of dump leach ore. Metallurgical recoveries expected are 80 per cent for the heap ore and 60 per cent for the dump ore. Perseverance Mining Corporation was listed on the Australian Stock Exchange on April 2, 1987, after a capital raising in March that year. At this time the company's issued capital was 4 million ordinary 25ó shares, 3 million of which were issued to the public to raise $0.75 million.

Jan 1, 1991

By Michael C. Newbury

For thousands of years gold has been not only a commodity, valued for its comparative scarceness, immutability and homogeneity but also a medium of exchange which has no nationality. Approximately 90% of the gold produced is still accessible in the world, although some of it in museums, galleries, jewellery and dental work is not immediately available for circulation. The majority is held as bars by central banks for their reserves; the balance circulates as coinage or bullion held for investment. The value is further enhanced by the political aspect that gold cannot be debased as paper currency can and, therefore, it always becomes an investment refuge. It has always been possible to buy and sell gold at a price which is readily established by reference to bullion's weight and purity; and it is this fact which makes a loan denominated in gold, rather than one in currency, a viable alternative means of finance. The purpose of this paper is to discuss some general aspects of what is considered to be one of the more effective and presently popular methods of financing the development of a gold mine - the gold loan. This is not intended to discuss all the minute details which must be uniquely designed to fit each individual situation, but rather to provide general guidelines. You will all be aware of the traditional sequence whereby companies primarily finance exploration work by the raising of equity through the sale of shares to the public or by that unique Canadian form.

Jan 1, 1987

By Charles A. Gargano

The current state of the mass transit industry in America will be examined. How and why this important urban activity shifted entirely, or almost entirely, from the private sector to the public sector. Who pays for transit? For day to day operating costs? For capital investment? The prospects for transit's future will be the next major issue addressed. In a word, they are rather good. Over the past decade there have been major new transit investments made in Atlanta, Baltimore, Washington, D.C. and Miami, as well as constant re-investment in such cities as New York, Boston, Philadelphia and Chicago. While the current administration has put a temporary halt on the initiation of any major new rail transit projects using Federal funds, there are several mechanisms localities have for using other resources for such projects. These will be explored.

Jan 1, 1983

Depending upon the probability one assigns to project go-ahead, up to $10 billion (1978 figures) could be required for resource based projects in Australia in the next decade. In the past major resource projects were readily financeable against sales contracts. In the future the complexities imposed by such matters as political risk, inflation, currency movements and environmental and other socio- economic considerations on project development costs and returns may require a different approach. This paper addresses itself to the ramifications of providing development finance for resource based projects in the future - and in particular examines such factors as project completion guarantees, sales contracts, protection against exchange rate fluctuations, interest rate structures and debt/equity ratios as each relates to the provision of finance. TABLE OF CONTENTS SECTION 1 : Introduction SECTION 2 Factors Affecting Project Financing in the Next Decade SECTION 3 Some Aspects of Financing New Projects in Australia in the 1980's Conclusion

Jan 1, 1979

By James A. Finch, Robert E. McIvor

"This paper presents the development of a new grinding circuit steady-state modeling system. It is fundamentally based on the “functional performance equation”, which has now been used to improve the performance of numerous grinding circuits. This equation characterizes the two distinct efficiencies that are at work in a ball milling circuit, and how these relate to overall circuit productivity. It does so based on the particle size chosen to distinguish between coarse and fine (product size) material. Now, by applying it to all the material size classes, a simple yet reliable ball mill model was created. Combined with cyclone recoveries, the complete, detailed grinding circuit performance can be exactly reproduced mathematically by the computer program. It can then be used with separate process equipment application engineering methods to systematically engineer grinding circuit improvements. The development, features, uses and limitations of the system are described.INITIAL DEVELOPMENT OF THE CIRCUIT MODELThe Functional Performance Equation for Closed Circuit Ball (or Pebble) MillingIt has been shown that closed grinding circuit performance can be effectively characterized by the “functional performance equation” for closed ball or pebble milling circuits (McIvor, 2006a). One method of its derivation is summarized here for convenient reference.First select a cut-off size to define “coarse” versus “fine” or product size material for the grinding circuit. Any particle mesh size can be used to differentiate between coarse material and fines, but the circuit target P80 is often an effective choice for these purposes.Any energy expended on “fines” is wasted. It also generates “extreme fines” often detrimental to downstream processing (McIvor and Finch, 1991). Only the portion of the mill power draw that is expended on coarse material is effectively used. This portion can be estimated from the mill feed and discharge size distributions (McIvor, 1988a) by taking the average of the percentage of “coarse” material in the mill feed and discharge. We can define the thusly calculated percentage of the mill power that is expended on coarse material in the mill as the ball mill circuit “classification system efficiency” (CSEff). The “effective mill power” (EMP) can be calculated from the total mill power (TMP) as follows."

Jan 1, 2007

By J. Finch, R. McIvor

This paper presents the development of a new grinding circuit steady-state modeling system. It is fundamentally based on the “functional performance equation”, which has now been used to improve the performance of numerous grinding circuits. This equation characterizes the two distinct efficiencies that are at work in a ball milling circuit, and how these relate to overall circuit productivity. It does so based on the particle size chosen to distinguish between coarse and fine (product size) material. Now, by applying it to all the material size classes, a simple yet reliable ball mill model was created. Combined with cyclone recoveries, the complete, detailed grinding circuit performance can be exactly reproduced mathematically by the computer program. It can then be used with separate process equipment application engineering methods to systematically engineer grinding circuit improvements. The development, features, uses and limitations of the system are described.

Jan 1, 2007

By R. F. McFarlin, H. E. El-Shall

Since its inception, the Institute of Phosphate Research has examined every promising proposal in order to find an economical, practical and environmentally sound method of dewatering phosphatic clays. The in-house development of the FIPR/DIPR process (DIPR = Dewatering Instantaneously with Pulp Recycle) would appear to answer that quest. When small amounts of fibrous materials are mixed with clay slurries and flocculent, rapid dewatering occurs. Clay solids contents of 20 to 25% can be attained by simply rolling the clay mass down an inclined screen. Higher solids (>40%) are reached by physically pressing the cake; e.g., with a belt press. Because mechanical pressing devices are too expensive for phosphatic clay treatment, FIPR has developed the "sandwich" method of simultaneously dewatering the phosphatic clays and reclaiming the mine cut, as well as a second alternate, the "median strip" proposal. Economic projections of these bench-scale alternates suggest that the FIPR/DIPR process should be no more costly than present practice, when credit is given for the simultaneous reclamation accomplished.

Jan 1, 1993

By J. C. Prof. Smock

(Read at the Philadelphia Meeting, February, 1878.) THE fire-clays of New Jersey belong in two geological ages, the cretaceous and quaternary, or post-tertiary. Three very small deposits of plastic clays have been discovered within the limits of the Archoean rocks. These are not refractory and of little importance, excepting in a geological consideration. They have resulted from a decomposition of the feldspars of the rock in situ, and they have been classified as inferior kaolins.

Jan 1, 1878

By H. A. Wheeler

IT may surprise some of our members to learn, among the industries based on the mineral resources of the United States that of clay now ranks third, being exceeded in value of product only by pig-iron and coal. The present annual value of clay-products exceeds the value of the outputs of gold and silver, and also exceeds the combined values of copper, lead, zinc, aluminum, mercury, antimony and nickel. These facts are shown in Table I. which gives the statistics for the year 1902

Jan 1, 1905

At the inception of the gold-mining industry at Kalgoorlie the small supply of firewood required for steaming purposes was naturally all drawn from the limited local areas, which promised soon to become denuded. With the advent of the railway toKalgoorlie came the ever increasing machinery and steam power, and the accompanying demand for firewood so increased that the fuel contractors began their operations, by following the timber belts along the Yilgarn railway line, and graduallygetting further westward, until at present we find them as far as Woolgangie, 63 miles from Kalgoorlie, and with the regular railway rates, I0. per ton per mile, this maybe considered the limit of payable timber at current rates. Although in the early days the reserve of timber along the railway line must have appeared as incalculable and inexhaustible as that of coal did in Europe a couple of centurys ago, the day is now near us when even this source will fail to meet the demands made upon it, for, although a good two years' supply is available or the areas under the axe, yet it is time to look ahead and find from whence the future supplies are to be drawn. Along the railways we find the zone of felling operations limited for want ofcommunication, and only such portions of the forests as are within six or seven miles of the railway come under the axe at present while virgin forests to the rear remain practically unexploited. It is only in the course of the past sixteen months that the firewood industry has developed...

Jan 1, 1901

By W. C. Knoblaugh

ROTARY kilns are adaptable to many fuels, but this paper deals principally with the use of powdered coal. The observations and conclusions presented are based on rotary kilns used in the manufacture of basic refractories for steel furnaces. Solid fuels are pulverized for two principal reasons: (I) ease of control, and (2) rapidity of combustion. By the use of pulverized coal, the operator can increase or decrease the fuel supply by small increments and with very little time lag between the change of control and the resultant change in the flame. This is extremely important in this type of furnace, as the temperature range for maturing the clinker is very narrow. By fine grinding, it is possible to increase the rate of burning of the coal, thereby liberating great quantities of heat within a small space in a short time. Under given conditions, temperature is a measure of the heat liberated per unit of time. To attain the temperatures of 2950° to 3150°F., which are encountered in the manufacture of various steel-furnace refractories, it is estimated that it is necessary to liberate 125,000 to I75,000 B.t.u. per cubic foot of the burning zone per hour. The manufacture of dolomitic refractories is a ceramic process and, as is true in most such processes, the material must be subjected to a certain critical temperature for a certain length of time in order to complete the reaction. If the time of reaction is reduced, the temperature must be increased; in other words, if the rate at which the material flows through the hot zone of the kiln is increased, the temperature of the hot zone must be increased to compensate for this shorter exposure to the flame. FIRING WITH PULVERIZED COAL Fig. I is a line drawing of a rotary kiln with the attendant equipment indicated in their relative positions. The kiln proper consists of a sloping, refractory-lined steel tube rotating slowly about its longitudinal axis (0.75 r.p.m.), and is countercurrent in operation in that the raw feed is introduced at the stack end and gradually approaches the zone of highest temperature at the lower end, where the fuel is introduced. Before 1930, the usual method of firing a rotary kiln was to store the coal in the pulverized form and then feed from this storage to the kiln as needed. This proved unsatisfactory and dangerous because of dust explosions and the inability to obtain an even feed to the kiln caused by arching of the coal in storage and flooding of the coal feeders. In later years the practice has been to store the raw coal and grind it as it is needed. Such a layout is indicated in Fig. I. The coal is stored in bins, charged from the top and drawn from the bottom into recording scales and then into some type of unit pulverizer. There are a number of good pulverizers on the market, each incorporating features that the manufacturer considers outstanding.

Jan 1, 1946

By Koji Nakanishi, Masayoshi Karasawa, Yasuhiro Morimoto

"Shin-Yokohama station (tentative name), one of the station of the Sotetsu - Tokyu through line (ST line), is under construction by the OPEN – CUT method. The Underground Soil–Cement Steel Diaphragm Wall is implemented as an earth retaining wall. This earth retaining wall is utilized as a main body of a subway station. It is the first time to utilize this earth retaining wall as the main body. There are two difficult issues for this project. One is that this station is planned under busy major road and there are many underground utilities, for example, an electrical transmission line. Because of that, construction area is limited. The other is that this station is located in a thick soft clay layer. This layer has a high risk of consolidation settlement because of draining during main excavation. Thus, high water tightness is required for this earth retaining wall. This paper reports design and construction methods for the Underground Soil–Cement Steel Diaphragm wall introduced as a part of the body of the subway station.1. OUTLINE OF SHIN-YOKOHAMA STATION 1-1. Location and structure of Shin-Yokohama Station Shin-Yokohama station is an intermediate station on the ST line connected to the Tokaido-Shinkansen bullet train, the JR-Yokohama line and the Yokohama Municipal Subway. Access to Tokyo and the Tokaido- Shinkansen from the eastern part of Yokohama city will be improved by this project. In addition, the number of estimated passengers of this station is one hundred thousand people/day because a soccer stadium (Nissan Stadium: 72,000 people), a huge indoor arena and a hotel are located in this area. This station consists of 4 stories and 3 spans (Max width; 29m, Depth; 33m, Length; 325.5m). Completion image is shown in Figure 2. Generally, stations have 1 platform and 2 trucks. But this station has 2 platforms and 3 tracks because some of ST line trains return at this station and a train deadheads from Hazawa station to this station in an emergency. This station is planned as 4 stories underground station, and the platform is on the lowest story. The reason why this station is in such a deeper position is to prevent the alignment from interfering with the Yokohama Municipal Subway station and foundation piles for bridge piers existing along the alignment. Even under the constraint conditions, earth covering should be shallow as much as possible. As a result, the tunnel edge is very close to the foundation pile, and the gap is only about 2m (Figure 3). In addition, passengers will be able to change trains easily from the ST line to the Yokohama Municipal Subway or vice versa at this station."

Jan 1, 2016

John C. Greenway was responsible for much of my success in the seven years from what I called the end of my apprenticeship in exploration until I entered the Army in World War I. I first met Green- way on my return from Promontorio and, as he was replacing Powell, he was to be my boss. Even at first glance you couldn't help liking and trusting him. He was tall, well built, and erect-an old Yale athlete. After college he became a captain in the Rough Riders and a friend of Theodore Roosevelt, distinguishing himself in the Cuban campaign. He made good friends in all ranks of the Rough Riders, some later becoming leaders of industry and others following Greenway where-ever he went. After the Spanish War Greenway worked for iron mining companies around the Great Lakes and when the directors decided that Calumet and Arizona needed a new manager the ones who were also prominent in Oliver Iron Mining Co. selected Greenway It was a lucky choice for Greenway and for me. He became the best manager among those who ran the big copper mines He was open-minded in encouraging discussion and even opposition-until he made up his mind. Then, in military fashion, everyone must follow his decision without question. I think this is an essential of good management. Unfortunately a few did not feel this way and they had to leave. It was characteristic of those times that respect for the boss was so great that in the 16 years in which he was one of my best friends I, like all under him, always called him "Mr. Greenway." Soon after he arrived Greenway asked the leading mine operators in the southwest, Dr. Louis D. Ricketts and James S. Douglas, son of the Dr. James Douglas who had made Phelps Dodge great, to do special work for Calumet and Arizona. I found later that the object of the study was to determine the terms on which the half-dozen Warren District properties of Calumet and Arizona were to be joined in one

Jan 1, 1976

By Xie Jiyuan, Hu Yuehua, Yang Songrong, Zhu Zhansheng, Qiu Guanzhou

"By the end of 2000, the first bio-oxidation plant in China that designed by ENFI come successfully into commercial operation in Yantai Gold Smeltery. Its capacity is 50t/d of refractory gold ore concentrate. After the extension, the capacity of bio-oxidation plant reached 80t/d of refractory gold ore concentrate at end of 2001.The refractory gold ore concentrate treated is from different gold mines. After proportionate feeding, the feed typically consists of Au (52.7g/t), S (24.42%), As (3.58%).The bacterial culture used in the bio-oxidation circuit is taken from a mine in south of China, and has been grown over 20 years on a variety of sulfide concentrates in a laboratory of mineral processing, and has shown to be adaptive to growth in a high concentrations of arsenic. It is a mixture of mesophilic microorganisms. The nutrients used in the bio-oxidation process are (NH4)2SO4, KH2PO4, KOH.Before feeding to bio-oxidation circuit, the concentrate would be milled to minus 43µm. The biooxidation product is fed to solid/liquid separation system that consists of a thickener and two press filters, solid from the system is fed to CCD circuit, liquid from the system is fed to neutralization area. The neutralized product is fed to another solid/liquid separation system, and the solid from the system is disposed of on a wasted quarry pit, the liquid from the system is returned to bio-oxidation circuit for reusing."

Jan 1, 2003

By L. W. Casteel

This is a story of progress through research, invention and innovation-progress that made a small mine in Missouri into a large and prosperous corporation. The St. Joseph Lead Co. was founded in Borne Terre, Missouri, in 1864. At that time, the mine consisted of a narrow trench eight feet deep; the mill was a hand-operated jig; and the smelter, a charcoal oven with a sloping hearth. During the first year, production was suspended for two months because of an invasion by the Confederate army. There have been few interruptions since that time.

Jan 7, 1964

By Helênio Resende Silva Júnior

PT. Krakatau-POSCO coke making plant, located in Cilegon, Indonesia, is the results of the know-how and experience of Paul Wurth (PW) in coke making field. The plant has a capacity of 1,321,000 t/y of gross coke achieved by two coke oven batteries with 42 top charging Paul Wurth “Jumbo” ovens each. PW “Jumbo” oven with a useful volume of 78,92 m3 allows decreasing drastically the number of pushing/charging operation per day with a consequent reduction of the diffuse emissions. Gas treatment plant with a capacity of 88000 Nm3/h has been designed in collaboration with DMT GmbH & Co. KG, adopting the latest technologies with specific design know-how. PT. POSCO-Krakatau plant has been successfully commissioned and started-up in October 2013. The present paper will highlight the main technology features applied in PT. Krakatau-POSCO project for both coke oven and gas treatment plants.

Aug 17, 2017

By Manfred Schmidt

Realizing an invention of Professors Queneau and Schuhmann, Lurgi GmbH has developed a radically new lead smelting technology, which was demonstrated on a ?30,000 tpy scale at Berzelius Metallhiltten GmbH between 1981 and 1986. Designed to treat all grades? of lead concentrates as well as complex secondaries, the novel QSL-Process applied one bottom-blown, refractory-lined long reactor and comprises two basic steps: Continuous oxygen smelting of the green charge is followed by continuous carbothermic slag reduction. Four firm orders and a number of serious inquiries from major lead producers confirm that the QSL-technology has convinced the industry of inherent process advantages. These include low investment and operating costs, flexibility and environmental acceptance. In the fall of 1986 Cominco Ltd. decided to erect a 120,000 tpy QSL plant at the site of the Trail lead smelter. Feed materials will consist of lead concentrates and zinc leach residues. The designed QSL reactor has a total length of approx. 41 m, and working diameters of 3.74 m for the oxidation section and 3. 24 m for the reduction section .. Separate gas offtakes on both sections will enable to? reduce the sulfur dioxide gas volume, and to recover a mixed zinc-lead oxide fume. Operation of the QSL reactor will start end of September 1989. First results will be presented.

Jan 1, 1990